The USD/CAD pair has been a mess lately, and the action from the Wednesday session did very little to clear things up. The hammer shaped candle shows that perhaps the support is coming back into the fold, but there is still plenty of resistance above to keep us leery of buying. The parity to 1.01 level is still resistive, and as a result we need to see a daily close post 1.01 in order to buy. Selling isn’t going to be easy either as the support has multiple levels at 0.99, 0.98, 0.9750, and 0.97 as well. In other words – this is one of the sloppiest and difficult pairs to trade at the moment.
Written by FX Empire